Action Plan Developed by. Compagnie nationale des commissaires aux comptes (CNCC) BACKGROUND NOTE ON ACTION PLANS

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1 BACKGROUND NOTE ON ACTION PLANS Action Plans are developed by IFAC members and associates to address policy matters identified through their responses to the IFAC Compliance Self-Assessment Questionnaires. They form part of a continuous process within the IFAC Member Body Compliance Program to support the ongoing development and improvement of the accountancy profession around the world. Action Plans are prepared by members and associates for their own use based on the national frameworks, priorities, processes and challenges specific to each jurisdiction. As such, they will vary in their objectives, content and level of detail, consistent with their differing national environments and stages of development, and will be subject to periodic review and update. Refer to responses to the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaire and Part 2 SMO Self-Assessment Questionnaire for background information on each member and associate their environment and existing processes. These responses may be viewed at: Use of Information Please refer to the Disclaimer published on the Compliance Program website. ACTION PLAN IFAC Member: Compagnie nationale des commissaires aux comptes () Approved by Governing Body: President Original Publish : December 2009 Last Updated: May 2014 Next Update: May 2016 Status as of of Publication Page 1 of 21

2 GLOSSARY AMF Autorité des Marchés Financiers CFPC Centre de Formation de la Profession Comptable, CPD Center for OEC Members and Trainees CPD Continuing Professional Development Compagnie nationale des commissaires aux comptes DEC Diplôme d Expertise Comptable DIPAC Délégation Internationale pour l Audit et la Comptabilité EC European Commission EFRAG European Financial Advisory Group EGAOB European Group of Auditors' Oversight Bodies EU European Union FEE Federation of European Accountants H3C Haut Conseil pour le Commissariat aux Comptes IES International Standards IFRS International Financial Reporting Standards IASB International Accounting Standards Board IAASB International Auditing and Assurance Standards Board IASCF International Accounting Standards Committee Foundation IPSAS International Public Sector Accounting Standards IPSASB International Public Sector Accounting Standards Board IRE Institut des Réviseurs d Entreprises ISA International Standard on Auditing ISQC 1 International Standard on Quality Control 1 NEP 220 Contrôle de la qualité des missions d audit des comptes QA Quality Assurance Status as of of Publication Page 2 of 21

3 Action Plan Subject: SMO 1 Quality Assurance Action Plan Objective: Maintaining Compliance with ISQC1 and ISA 220 by doing Promotion of the Incorporation of ISQC 1and ISA 220 in the Quality Assurance Review System # Start Actions Completion Background: In accordance with the European Union (EU) 8th Directive, the Decrees of December 8 and December 31, 2008, the Haut Conseil pour le Commissariat aux Comptes (H3C), which is the public oversight body for the audit profession, is responsible for Quality Assurance review system either directly or through the. The H3C s Secretary General employs specific controllers who are non-practitioners but who intervene mainly in the controls of public interest entity firms. H3C also supervises the Quality Assurance (QA) of non-public interest firms conducted by the. H3C has set up quality control questionnaires based on the French code of Ethics. In accordance with the above mentioned regulations, has established a monitored peer review mechanism for reviewing audit assignments of non-public interest firms. members, specifically trained for this purpose, review statutory audits under the supervision of H3C. Quality Assurance reviews of public interest entities are undertaken at least every three years, whereas other entities are reviewed at least every six years. to Support Endorsement of ISA Continue to support the endorsement by the European Commission (EC) of International Standard on Quality Control (ISQC) 1 and International Standard on Auditing (ISA) 220, acting with Federation of European Accountants (FEE). as part of the Audit Reform (article 26 of proposed Directive) Technical Department Technical Department /2012 Will work on the possible adoption by the Ministry of Justice of ISA 220 as French NEP 220, Contrôle de la qualité des missions d audit des comptes. Stand by (see above continuous support on ISA adoption as part of the Audit Reform) Technical Department Technical Department Status as of of Publication Page 3 of 21

4 # Start Actions Completion to Support Implementation of NEP Pending possible adoption by the Ministry of Justice of NEP 220 (see above), it must be noted that all firms who audit large Public Interest Entities (PIEs) are ISQC 1 compliant (either on a voluntary basis or as a result of their commitment to the FOF) and their audit methodology is compliant with ISAs, including ISA 220. Quality Control Department Quality Control Department Maintaining Processes for ISQC1 Compliance 4. See above ISQC 1 has not been adopted in France, the H3C conducts the QAs of public interest firms on the basis of questionnaires based on the French Code of Ethics, but all the firms who audit large PIEs are ISQC1 compliant (either on a voluntary basis or as a result of their commitment to the FOF). See above (the Audit Reform foresees the adoption of ISQC1 at European level) Quality Control Department Quality Control Department Review of s Compliance Information 5. Perform periodic review of CSOEC and response to the IFAC Compliance Self-Assessment questionnaires and update sections relevant to SMO 1 as necessary. Once updated, inform IFAC Compliance staff about the updates. Delegation of the Executive Delegation of the Executive + DIPAC Status as of of Publication Page 4 of 21

5 Action Plan Subject: Action Plan Objective: SMO 2 International Standards for Professional Accountants and Other Pronouncements issued by the IAESB Continue to Use Best Endeavors to Incorporate the IES into the French accounting System and Update the Syllabus and Program, including the CPD Process, in Accordance with the IAESB Pronouncements # Start Actions Completion Background Candidates for OEC and memberships have to complete a professional accountancy education program delivered by Universities and elaborated by the Ministry of Higher in cooperation with the CSOEC and, accomplish 3 years of practical training in an accounting/auditing firm, pass a final assessment and obtain the French higher accountancy degree : Diplôme d Expertise Comptable (DEC). The accounting syllabus has been updated and modernized in 2006 for the two intermediate diplomas and, in 2009, for the final one. The two corresponding decrees published in 2006 and 2009 have been integrated in 2012 in a global decree n of March 30 th The intermediary degrees ( Diplôme de Comptabilité et de Gestion, DCG, & Diplôme Supérieur de Comptabilité et de Gestion, DSCG) do not give access to the profession but are the first steps in this direction. The final diploma, Diplôme d Expertise Comptable is the only one giving access to the profession of Expert-comptable as well as the profession of Commissaire aux comptes if the training period includes a minimum of practice in audit. A second route exists to become a Commissaire aux comptes (statutory auditor), less used, through a professional certificate which is entitled Certificat d aptitude aux fonctions de commissaire aux comptes ( CAFCAC, Code of commerce, article L ). This professional certificate has been recently renewed by the Ministry of Justice; it now gives access to the final exams of the Diplôme d Expertise Comptable. Both Institutes worked on the content of the education programs attached to each accounting degrees in accordance with the European Common Content model, which aims at harmonizing the accountancy education programs amongst the European countries taking part in this project. CSOEC and are fellow founders of the Common Content Project along with 6 others European institutes in Germany, England, Scotland, Ireland, Italy, and the Netherlands. The New French Accountancy Syllabus : 3 Stages (decree abrogated and integrated in a global 2012 Stage1 The 2006 reform introduced two degrees: Undergraduate (3-year course, Bachelor s level) degree in Accountancy and Management: Diplôme de Comptabilité et de Gestion, DCG; and 2008 Ministry of Higher Consultative Group for the Professional Accountants, directed by the Ministry of Higher : Members of CSOEC, + Representatives of the Ministry of Finance, of Justice, of the Status as of of Publication Page 5 of 21

6 # Start Actions Completion decree) Masters degree (5-year course) in Accountancy and Management, Diplôme Supérieur de Comptabilité et de Gestion, DSCG. These 2 diplomas assess the professional competences carried out during the Initial Professional Development phase. Universities and academics /2009 Stage 2 Modernize/update the 24 days seminars over the 3 years practicing for accountancy trainees. Part of this program is organized in E-learning. 2008/ CSOEC and Idem The trainees education program will be redrafted in 2015 to take into consideration the new version of the Certificat d aptitude aux fonctions de commissaire aux comptes, CAFCAC (see the background above) (decree abrogated and integrated in a global 2012 decree) Stage 3 The Diplôme d expertise comptable (DEC) includes 3 exams: 2 written tests : a case study in audit + a questionnaire in ethics and professional rules, and, 1 oral test: a dissertation (written part and oral part) on a subject matter or situation in relation with the professional environment. 01/07/2010 Ministry of Higher + CSOEC and Idem The master degree, DSCG, and the certificate of completion of the 3 years accountancy training period, are mandatory to pass the DEC. Status as of of Publication Page 6 of 21

7 # Start Actions Completion /2015 Undertake necessary adjustments to ensure that the syllabus is still consistent with the Common Content Project and the revised International Standards (IES) issued by the International Accounting Standards Board (IAESB) Ministry of Higher + CSOEC and CSOEC and Reviewing the Content of the French Accountancy Program in Accordance with the Common Content Model Launch the Common Content Project. This project aims at aligning the content of accountancy syllabuses amongst the European countries taking part in the project and 2008 The Common Content Steering Committee is chaired by a French CSOEC Past President. The Common Content staff of the founding institutes. In France, the staff of the CSOEC and. Project is under the responsibility of the two (CSOEC and ) National review (audit) of the syllabuses of each Founding Institute accordingly to the Common Content model (Self- Assessment & Oversight Process). Review of the French syllabus. A report is issued by the review team on each national syllabus and communicated to the Steering Committee Ministry of Higher + CSOEC and Idem Status as of of Publication Page 7 of 21

8 # Start Actions Completion /2012 Take into consideration observations made by each founding institute participating in the Common Content model in order to ensure conformity of syllabuses 2012/2013 Each founding institute CSOEC and Carry out new checks Each founding institute CSOEC and Maintaining Competences to a High Level (IPD to CPD Process) OEC 2007 CSOEC CSOEC (decree abrogated and integrated in a global 2012 decree) 2008 The decree n , 27 September 2007, publishing the new Code of Ethics for OEC Members has been integrated, in 2012, in a global decree. The CPD principle for OEC Members is included in the Code of Ethics. In accordance with the latest IES 7, the CSOEC has published in September 2013, a Handbook setting up the modes of application of the CPD obligation. These are guidelines for OEC Members Update in 2014 Commission + Centre de Formation de la Profession Comptable (CFPC, Center for OEC members CPD) Commission + CFPC Commission Decree of 19 December 2008, introducing the obligation of CPD for the Commissaires aux comptes. Comité scientifique Part of this obligation is controlled and updated by an Oversight Committee, the Comité scientifique. OEC and commission Members are required to complete 120 hours of CPD over a 3 year rolling period. If they are Members of the two Institutes, they do not overtake their CPD obligation. They are responsible of their choices according to their activities. Status as of of Publication Page 8 of 21

9 # Start Actions Completion The compliance with the CPD requirements is verified through the Quality Control process. Review of s Compliance Information 15. Perform periodic review of CSOEC and response to the IFAC Compliance Self- Assessment questionnaires and update sections relevant to SMO 2 as necessary. Once updated, inform IFAC Compliance staff about the updates. Delegation of the Executive Delegation of the Executive + DIPAC Status as of of Publication Page 9 of 21

10 Action Plan Subject: Action Plan Objective: SMO 3 International Standards and Other Pronouncements Issued by the IAASB Use Best Endeavors to Converge and Comply with IAASB Pronouncements # Start Actions Completion Background: Initially, was responsible for adopting auditing standards in France. The professional body completed a first translation of pre-clarified International Standards on Auditing (ISAs) and incorporated the pre-clarified standards in the national auditing standards, with adaptation to the French national context in This initial adoption process was reformed by the adoption of a new Law. became responsible for drafting the auditing standards and the Ministry of Justice for endorsing them after they had received an opinion on the standards from the oversight body, H3C. The Ministry of Justice endorsed a second set of auditing standards which include the basic principles and essential procedures (black letters) of the pre-clarity ISAs and took into account, when it was possible, clarified ISAs. These standards are still in force. However following the implementation of the European Union 8th Directive in France, the adoption process of ISAs in France is now framed within the overall process of adoption of ISAs in Europe. supports the European Union in this adoption process by conducting a translation of the clarified ISAs in cooperation with the Belgian Institut des Réviseurs d Entreprises (IRE) for the future use of the European Commission and contributing to the auditing standard-setting process. Following the Audit Reform (article 26 of the proposed Directive and article 20 of the proposed Regulation), the is now awaiting a clear signal of the European Commission on the ISA adoption. to Promote the Adoption of IAASB Pronouncements for Statutory Audits Translate pre-clarified ISAs into French Staff Incorporate pre-clarified ISAs, with adaptation to the national context in the French auditing standards Staff Maintaining Processes 18. December 2005 Following the adoption of a French Law that reformed the adoption process of auditing standards (as auditing standards established by the had to be endorsed by Minister of Justice after he had received an opinion on the standards from the Oversight Body H3C), incorporate the French auditing July 2007 Ministry of Justice after H3C commentary Ministry of Justice and H3C Status as of of Publication Page 10 of 21

11 # Start Actions Completion standards in the national regulation Following the adoption of the Statutory Audit Directive, support the European Commission in the adoption of ISAs, such as support now continues in the context of the Audit Regulation. Staff In coordination with the Institut des Réviseurs d Entreprises (IRE, IFAC member body in Belgium), translation into French of the clarified ISAs for the future use of the EC Updated 2012 Working group / IRE (principal translators Claude Charron / Dries Schokaert) led by Claude Charron and supported by Cédric Gélard Working group / IRE (principal translators Claude Charron / Dries Schokaert) led by Claude Charron and supported by Cédric Gélard Contribute to the work of the ISA subgroup of the European Group of Auditors' Oversight Bodies (EGAOB) through the representative Rod Devlin / Cédric Gélard Rod Devlin / Cédric Gélard Following the publication of the audit green paper. The has confirmed its initial support to the adoption of ISAs at a European level in the context of the Audit Reform Contribute to the work of the IAASB through representation. Staff Cédric Gélard Cédric Gélard Cooperate and do actions with the H3C and Ministry of Justice on the implementation of the last ISAs (220 Anne Marie Lavigne / Anne Marie Lavigne / Cédric Gélard 1 As a result, the endorsed standards are now comprised of the basic principles and essential procedures (black-letters) of the pre-clarified ISAs, taking into account, when it was possible in view of the timing delay of the clarification, the evolution of the clarified ISAs. Status as of of Publication Page 11 of 21

12 # Start Actions Completion and 402) into French national standards. Cédric Gélard Review of s Compliance Information 25. Perform periodic review of s response to the IFAC Compliance Self-Assessment questionnaires and update sections relevant to SMO 3 as necessary. Once updated inform IFAC Compliance staff about the updates in order for them to republish updated information. President DIPAC Status as of of Publication Page 12 of 21

13 Action Plan Subject: Action Plan Objective: SMO 4 IESBA Code of Ethics for Professional Accountants Use Best Endeavors to Converge, Comply and Promote Adoption of the IESBA Code of Ethics # Start Actions Completion Background: The Ministry of Justice has responsibility for adopting ethical requirements. The Code of Ethics of members (Code de Déontologie de la profession de Commissaires aux Comptes) was endorsed by the Decree number of November 16, 2005 after consultation with the Autorité des Marchés Financiers (AMF, National securities market regulator), and the H3C. The Decree also included requirements of the law on financial safety number of August 1st, When these provisions were made public and implemented by the profession, a number of criticisms rose. These criticisms were issued on the one hand by the profession which stressed the excessive and too prescriptive approach of the Code, and on the other hand by the European Commission which underlined that certain provisions of the Code dealing with the activities of networks were not consistent with the provisions of the Treaty of Rome dealing with cross-border provision of services within the European Union. The Decree number does not incorporate the requirements of the International Ethics Standards Board of Accountants (IESBA) Code of Ethics but its requirements are considered more stringent and it includes a threats and safeguard framework which applies in limited circumstances. has undertaken activities to promote the IESBA Code of Ethics at the national and European levels and has begun translating the IESBA Code of Ethics. has never translated the previous version of the IESBA Code of Ethics. Substantial evolution on those matters might occur regarding to the recent European legislation on audit. Promoting the Requirements of the IESBA Code of Ethics to the Ministry of Justice 26. End July 2008 Launch discussions with the Ministry of Justice to promote specific modifications to the ethical requirements. Promote the introduction of a new definition of technical associations which, according to the existing provisions of the IESBA Code of Ethics, prevents certain firms from being defined as networks (please refer to article 22 of the Code). By 2009 The implementation of those measures is effective since the release of a decree (regulation) of 2 July 2008 French Ministry of Justice Staff 27. End February Promote the modification of article 24 (4 and 5 ) which includes the recognition of materiality in the accounts or linkage with the group account process The implementation French Ministry of Justice Staff Status as of of Publication Page 13 of 21

14 # Start Actions Completion 2010 for certain types of related services provided by a of those member of the network. measures is effective since the release of a decree n February End February 2010 Promote the introduction of an explanation of the risks and safeguards approach provided for the analysis of situations in which non-audit services have been provided or are about to be provided by a member of the network of the auditor (Article 25). The implementation of those measures is effective since the release of a decree n February 2010 French Ministry of Justice Staff 29. End February 2010 Promote the introduction of an explanation of the risks and safeguards approach provided for the analysis of situations in which non-audit services have been provided or are about to be provided by a member of the network of the auditor (Article 25). The implementation of those measures is effective since the release of a decree n February 2010 French Ministry of Justice Staff 30. monitors the IESBA work program, provides comments to exposure drafts. Responses are under the responsibility of the ethical committee of together with our IESBA board member. Ethical Committee / IESBA Board Member Legal department 31. supports the implementation of the standards by providing training with specialized classes to obtain a specific diploma of statutory auditor and with CPD trainings. Training department Training department Status as of of Publication Page 14 of 21

15 # Start Actions Completion 32. September 2010 and CSOEC have prepared a translation into French of the revised IESBA Code of Ethics (effective on January 1, 2011). The translation has been done in cooperation with other French speaking Institutes (including Belgian IBR-IRE, Canadian Institute ICCA and Institute of Chartered Accountants of Cameroon). Review of s Compliance Information End 2011 DIPAC staff DIPAC staff 33. Perform periodic review of response to the IFAC Compliance Self-Assessment questionnaires and update sections relevant to SMO 4 as necessary. Once updated inform IFAC Compliance staff about the updates in order for them to republish updated information. President DIPAC Status as of of Publication Page 15 of 21

16 Action Plan Subject: Action Plan Objective: SMO 5 International Public Sector Accounting Standards and Other Pronouncements Issued by the IPSASB Promote the Adoption of the IPSASs # Start Actions Completion Background: In France, public sector accounting is the responsibility of the Public Sector Accounting Standards Board Conseil de Normalisation des Comptes Publics (CNOCP), consultative organization placed under the Ministry of Finance authority. The main role of CNOCP is to issue prerequisite recommendations to the Ministry of Finance on the generally accounting principles applicable to the State and other entities forming part of the public sector in France. It is also responsible for participating in the international accounting standard-setting process, notably by commenting the exposure-drafts and other public consultations issued by International Public Sector Accounting Standards Board (IPSASB). The CNOCP is independent from the CSOEC and the. Regarding the International Public Sector Accounting Standards (IPSAS), they have not been adopted in France but are an important source of reference in the national standard-setting process. Five seats are occupied by accountancy qualified persons at the CNOCP Board. Also, chartered accountants and statutory auditors are members of the CNOCP Consultative Advisory Committee and working groups. The CSOEC and the use their position with their representatives to promote the IPSAS and the IPSASB s activities to the CNOCP. to support Maintaining Processes 34. Promote the IPSAS to the public sector accounting standard-setting Conseil de Normalisation des Comptes Publics (CNOCP) Chartered accountants and statutory auditors and - CSOEC staff 35. Raise continuous awareness of IPSAS and carry-out other promotional actions such as: Participating in the working groups set up by CNOCP to develop the commentary letters to IPSASB exposure-drafts or consultative papers ; Accounting Chartered accountants and statutory auditors and - CSOEC staff Animating different public sector groups Status as of of Publication Page 16 of 21

17 # Start Actions Completion 36. Propose specialized training in the public sector in the continuing professional education program. Review of s Compliance Information Commission Commission 37. Perform periodic review of response to the IFAC Compliance Self-Assessment questionnaire and update sections relevant to SMO 5 as necessary. Once updated inform IFAC Compliance staff about the updates in order for them to republish updated information. President DIPAC Status as of of Publication Page 17 of 21

18 Action Plan Subject: Action Plan Objective: SMO 6 Investigation and Discipline Use Best Endeavors to Converge and Comply with SMO 6 Requirements # Start Actions Completion Background: The Regional disciplinary Chambers, which are legally independent from the (Code of commerce articles L to L and R to R ), have legal responsibility for investigations and discipline of members for breaches of the rules, in accordance with the Code of commerce, Code of ethics and the rules of professional standards. A minority of professionals are represented within these disciplinary bodies, which are supervised by the judges who chair them. members can lodge appeals with the H3C (supervisory authority of the profession). A cassation appeal against its decision is possible before the French highest Court. The disciplinary system for members meets most of SMO 6 requirements and therefore no regulatory changes are expected. Maintaining Processes 38. Regarding investigation and sanctions, our response to SMO 6 within Compliance Questionnaire Part 2 remains totally accurate, and no regulatory change is expected in this respect. Ministry of Justice H3C Ministry of Justice H3C It should be noted that the supervisory body of the auditing profession provides detailed information on discipline and sanctions, for which it is responsible, in its annual report. Review of s Compliance Information 39. Perform periodic review of response to the IFAC Compliance Self-Assessment questionnaires and update sections relevant to SMO 6 as necessary. Once updated inform IFAC Compliance staff about the updates in order for them to republish updated information. President DIPAC Status as of of Publication Page 18 of 21

19 Action Plan Subject: Action Plan Objective: SMO 7 International Financial Reporting Standards and Other Pronouncements issued by the IASB Continue to Use Best Endeavors to Promote Convergence with IFRS and Support the Implementation of the Accounting Standards # Start Actions Completion Background: In accordance with the European Union (EU) Regulation (EC) 1606/2002 concerning the application of International Financial Reporting Standards (IFRS) as endorsed by the European Commission (EC), IFRSs are mandatory for the preparation of consolidated financial statements of listed entities. In addition, non-listed entities are permitted to apply IFRS for their consolidated financial statements. However, all entities are not authorized to apply IFRS for the preparation of their individual yearly financial statements, which are required to use French accounting standards. The Autorité des Normes Comptables (ANC) is the French accounting standard-setter and it has legal responsibility for adopting French accounting standards. Following the reform finalised end of January 2009, the two French professional institutes, CSOEC and, are no longer members as such of the accounting standard-setter. However, professional members of the two professional institutes are members of the ANC, its Committees and working groups. A link with the ANC is also established through the common accounting standards department of CSOEC and whose technical staff participates in the working groups set up by the ANC. The contributes to supporting the implementation of the standards and is planning to continue assisting the ANC in its work. Contributing to the Accounting Standard-Setting 40. Continue to advise the French national accounting standard setter when it deals with all international accounting standards matters and develops answers to the public consultations from the International Accounting Standards Board (IASB) and/or the European Financial Advisory Group (EFRAG) on IFRS and related matters (exposure drafts, discussion papers...) by participating in different groups set up by the national accounting standard setter. Common -CSOEC Accounting + s specialized accounting committee Members of common - CSOEC Accounting, auditors and -CSOEC staff Status as of of Publication Page 19 of 21

20 # Start Actions Completion 41. Participate in the Accounting working party and Corporate Reporting Policy Group meetings of the European Federation of Accountants (FEE) in order to produce the commentary letters to IASB and to EFRAG on all public consultations made on IFRS and related matters. Support of Implementation Common -CSOEC Accounting + s specialized accounting committee Members of common - CSOEC Accounting, auditors and -CSOEC staff 42. since May 2005 Website set up in May 2005, entirely devoted to IFRS and its environment at national, European and international levels in French language. -CSOEC staff Outsourcing 43. May 2009 Publish a French Guide on IFRS for Small and Medium Entities (SMEs). July 2009 CSOEC staff review CSOEC and staff 44. since June 2006 Publish a quarterly newsletter on accounting standards. -CSOEC staff Outsourcing 45. Technical conferences on IFRS new developments and presentation of newly issued IFRS. Twice a year s specialized accounting Committee Auditors and staff 46. Answer to technical questions raised by accounting and auditing professionals relating to implementation of IFRS through technical accounting commissions or working groups set up to deal with specific accounting issues. -CSOEC Accounting Members of common - CSOEC Accounting, and - CSOEC staff Status as of of Publication Page 20 of 21

21 # Start Actions Completion Develop the specific IFRS continuing professional education program. and CSOEC develop and promote the knowledge and application of IFRS by proposing specific continuing professional education and training in relation with IFRS in general (educational program of 150 hours on IFRS - Visa IFRS since May 2003) or specific as well as for the trainees in the accounting profession. Commission + -CSOEC staff review Outsourcing 48. News on IFRS development and presentation of standard(s) newly issued or under exposure-draft at Accounting Committee meetings Common -CSOEC Accounting Members of common - CSOEC Accounting and - CSOEC staff 49. Publishing articles in professional magazines Common -CSOEC Accounting Members of common - CSOEC Accounting and - CSOEC staff Maintaining Processes The will continue to participate in the development of the IFRS and will contribute to their promotion through the different actions and means stated above. Common -CSOEC Accounting -CSOEC staff Review of s Compliance Information 51. Perform periodic review of response to the IFAC Compliance Self-Assessment questionnaires and update sections relevant to SMO 7 as necessary. Once updated inform IFAC Compliance staff about the updates in order for them to republish updated information. President DIPAC Status as of of Publication Page 21 of 21